Disclosing Contemporaneous Offers in Illinois | California State University, Northridge - Edubirdie

University:
California State University, Northridge
Course:
BLAW 280 | Business Law I
Academic year:

2021
Views:

131

Pages:

1
Author:

Carissa Thomas

Disclosing Contemporaneous Offers in Illinois When a designated agent represents two or more clients who want to make an offer to purchase or lease the same property or unit, and those offers will be considered by the seller or lessor at the same time, they're called contemporaneous offers. The designated agent must provide written disclosure of the situation to all involved clients. If one or more clients prefers to work with another agent in the transaction, the original designated agent must refer those clients to other designated agents. Example Frieda was working with several buyer clients when a fantastic listing hit the market. It suited three of her clients to a T. In accordance with her duties as an agent, Frieda let these clients know about the new listing, and each wanted to make an offer after seeing the house. Frieda informed the three clients of this contemporaneous offer situation. One client didn't like it and immediately requested a referral to another licensee, with "no hard feelings." The other two clients felt that Frieda's duty of confidentiality was sufficient to continue working with her to make their offers on the house.

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